India exports around Rs 18,000 crore worth of spices annually and over the years its dominance has come down to a few spices such as chilli, cumin, turmeric and spice oils and oleoresins from around 20 items. Exporters claim duty credits ranging from 2-7 % under MEIS which they discovered were disabled by DGFT from August 1, resulting in a slowdown in shipments.
India exports seafood worth over USD 7 billion. Frozen shrimp and frozen fish are major export items. The US and south-east Asia are the major import markets of India's seafood products, with a share of about 33 per cent and 32 per cent in dollar terms, respectively. They are followed by EU (16%), Japan (7%), Middle East (4%) and China (3%).
Geopolitical conditions have a direct impact on trade and economic activities of a country. According to Gartner Inc, recent events like the Sri Lankan terrorist attacks, the US-China trade dispute and political tensions in Hong Kong are raising fears of delivery disruptions. This could further affect global offshore services market.
On November 18-19 Ambassador of Kazakhstan to India Yerlan Alimbayev paid a working visit to Eastern India’s largest economic and financial center in Kolkata.
The European Union's inclusions to IUU ( illegal, unreported and unregulated) fishing has raised reluctance by India, Sri Lanka and the group of African, Caribbean and Pacific (ACP) countries conforming to the laid proposals giving powers to countries to keep illegal operators out of their ports and prevent them from landing illegal catches.
Piyush Goyal in a written reply to the House said that during the third RCEP Leaders Summit on November 4 in Bangkok, India stated that the current structure did not reflect its guiding principles or address the outstanding issues and concerns of India, in the light of which India did not join the agreement.
The plea was made in the appellate body of the World Trade Organisation's (WTO) dispute settlement mechanism. The US has dragged India to the WTO under Article 27 of the organisation's Agreement on Subsidies and Countervailing Measures (SCM), which also provides for special and differential treatment to developing countries like India.
China on Wednesday terminated its six-year long anti-dumping measures on pyridine imports from India and Japan after the domestic producers asked the government to withdraw the reinvestigations of the duties.
He further said both India and Europe also offer an opportunity to help kick-start economic growth in the world. "We have lots of opportunities together and I hope we can look for a greater engagement. We have both comparative and competitive advantages," he said. Goyal was addressing the India-Europe 29 Business Forum, organised by CII.
India plans to provide land to 324 companies to set up a factory along with power, water and road access.
FTAs, by definition, are about countries swapping market access in areas where they have respective comparative advantages in place.
Delay in the issuance of refunds has been a sore point for exporters since the switchover to goods and services tax (GST) regime in July 2017. The new directive from the Central Board of Indirect Taxes and Customs (CBIC) follows assurance from finance minister Nirmala Sitharaman to the industry on easing of compliances.
On October 31, the WTO had ruled that export subsidy programmes-MEIS, Export oriented units scheme and sector specific schemes, including Electronics Hardware Technology Parks Scheme and Bio-Technology Parks Scheme; Export Promotion Capital Goods Scheme; and Duty-Free Imports for Exporters Scheme- violated provisions of trade body’s norms.
The country produced 110.92 MT of crude steel during the same year, a rise of 7.6 per cent as against 103.13 MT in 2017-18, Minister of Steel said while replying to a question in the Lok Sabha. The minister also said the country exported 6.36 MT of finished steel during 2018-19, registering a fall of 33.9 per cent as compared with 9.62 MT in the previous year.
The forecast does not augur well for India as the country's exports contracted for a third month in a row in October by 1.11 per cent to USD 26.38 billion.
China expects to import products and services valuing over $10 trillion through such fairs.
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